Soreide Law Group is investigating potential lawsuits against LPL Financial and securities broker Kevin Joseph Kuhlow (CRD#: 1993792, Los Gatos, California). Evidently, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck reports that 9 clients opposed actions taken by the securities broker, who associated with LPL Financial from 2005 to 2016. Notably, clients of LPL Financial suggest that Kuhlow sold bad investments which caused them to experience losses. Additionally, FINRA barred Kuhlow for reportedly failing to be cooperative while under investigation. The following contains a summary of some alarming disclosures concerning Kuhlow:
Kevin Kuhlow Purportedly Sells Unsuitable Preferred Stocks To LPL Financial Client
Evidently, on November 2, 2018, an LPL Financial client filed a complaint about Kevin Kuhlow. Allegedly, Kuhlow solicited unsuitable transactions including sales of preferred stock and a loan to an undisclosed company. It seems that the securities broker initiated these transactions away from LPL Financial. Also, Kuhlow seemingly failed to perform due diligence prior to making investment recommendations. Because of this, the client apparently sustained losses on the private securities transactions. Therefore, on January 10, 2019, LPL Financial settled this matter by paying the client $60,000.
Investors Indicate That Kuhlow Did Not Perform Due Diligence On Their Investments
Apparently, a second client of LPL Financial contested Kevin Kuhlow’s actions by making a complaint dated November 2, 2018. Allegedly, Kuhlow failed to do his due diligence before giving investment advice. In fact, the client indicated that these unreasonable and unsuitable investments lost their entire value. It is possible that Kuhlow overlooked or even disregarded the client’s goals, risk tolerance or other criteria relating to suitability. Consequently, LPL Financial agreed to settle the client’s dispute on December 26, 2018 through paying the client $60,000.
Kevin Kuhlow Allegedly Breaches Fiduciary Duty Regarding Private Placement Stocks
Also, a client of LPL Financial contested Kevin Kuhlow’s sales practices by filing FINRA Arbitration #: 17-02634 on October 5, 2017. Allegedly, Kuhlow breached a fiduciary duty and acted negligently by misrepresenting information about a private placement in preferred stock. Not only that, but the securities broker supposedly breached a contract governing the client’s investments. It appears that LPL Financial opted to settle the matter on May 16, 2018 through compensating the client in the amount of $140,000.
LPL Financial Makes Payment To Investor Who Alleged Misappropriation
Notably, on October 21, 2016, an investor filed Lawsuit #: 16CIV01923 concerning investments Kuhlow allegedly sold that LPL Financial did not offer and had failed to supervise. Supposedly, Kuhlow misappropriated the client’s assets. As a result, on August 21, 2017, LPL Financial resolved this issue through compensating the client $1,350,000.
FINRA Bars Kevin Kuhlow
Evidently, on March 16, 2016, FINRA issued Acceptance, Waiver and Consent (“AWC”) #: 2016048430801 barring Kevin Kuhlow. Supposedly, Kuhlow violated Rule 8210 by not providing information and documentation to FINRA during its investigation. It appears that FINRA investigated whether Kuhlow referred clients to “unapproved investments.” The bar went into effect on March 16, 2016.
Did LPL Financial Securities Broker Kevin Kuhlow Sell You Bad Investments?
Have you experienced losses by investing with Kevin Kuhlow (aka Kevin Cullen)? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Kuhlow and his employing brokerage firms.